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Drawbacks of a living trust The most docHub disadvantages of trusts include costs of set and administration. Trusts have a complex structure and intricate formation and termination procedures. The trustor hands over control of their assets to trustees.
How long does a trustee have to notify beneficiaries in Ohio?
Within 60 days after accepting the position of trustee, the trustee must notify the current beneficiaries of the acceptance and of trustees name, address and telephone number.
Can I see the trust documents?
Generally speaking, beneficiaries have a right to see trust documents which set out the terms of the trusts, the identity of the trustees and the assets within the trust as well as the trust deed, any deeds of appointment/retirement and trust accounts.
How long does a trustee have to distribute assets in Ohio?
In the case of a good Trustee, the Trust should be fully distributed within twelve to eighteen months after the Trust administration begins. But that presumes there are no problems, such as a lawsuit or inheritance fights.
Are beneficiaries entitled to a copy of the trust deed?
As a general rule, a beneficiary is entitled to a copy of the trust document, any deeds of variation of the trust, deeds of appointment and trust accounts. If further information is requested, it is at the discretion of the trustee as to whether it will be provided.
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The trust deed is the founding document of a trust and is a public document which is lodged with the Master of the High Court.
Who legally owns trust property?
Trustees. The trustees are the legal owners of the assets held in a trust. Their role is to: deal with the assets according to the settlors wishes, as set out in the trust deed or their will.
What is the 65 day rule for trust distributions?
Under Section 663(b) of the Internal Revenue Code, any distribution by an estate or trust within the first 65 days of the tax year can be treated as having been made on the last day of the preceding tax year.
How long does an executor have to distribute assets in Ohio?
If the executor or administrator distributes any part of the assets of the estate within three months after the death of the decedent, the executor or administrator shall be personally liable only to those claimants who present their claims within that three-month period.
Who is entitled to a copy of a trust in Ohio?
(1) Upon the request of a beneficiary, promptly furnish to the beneficiary a copy of the trust instrument.
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Property placed in a revocable living trust can be returned to the creator by revoking the trust. Since the creator has the power to pull the assets back, when
(A) A trustee shall keep adequate records of the administration of the trust. (B) A trustee shall keep trust property separate from the trustees own property.
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